Terra Luna Classic Update: 726 Million USTC Burned
1. Burn Overview:
- The Terra Luna Classic (LUNC) community has successfully burned 726 million USTC from the Anchor Protocol.
2. Proposal Passage:
- This action follows the approval of proposal 12135, which allows for the burn after a US bankruptcy court permitted Terraform Labs (TFL) to wind down operations.
3. Community Voting:
- The proposal saw significant backing, with 92% of delegators in favor.
- Voting breakdown: 27.23% voted yes, while 25% of validators supported it and 48% abstained.
4. Future Plans:
- The community expects additional significant burns of LUNC and USTC as TFL transitions out of operation.
5. Market Reaction:
- LUNC has increased approximately 2%, currently trading at $0.0000858.
- USTC has also risen by 2%, priced at $0.01798.
- Overall trading volume remains subdued, reflecting ongoing market challenges.
6. Strategic Intent:
- The burn aims to reduce token supply and enhance value, positioning the community favorably amid TFL's closure.
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